Mon, Jun 05, 2023 @ 06:15 GMT

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.0952; (P) 1.1014; (R1) 1.1055; More

EUR/USD’s pull back from 1.1075 extends lower today but stays above 1.0830 support. Intraday bias remains neutral and outlook stays bullish. Above 1.1075 will resume larger up trend to 1.1273 fibonacci level. Break there will target 61.8% projection of 0.9534 to 1.1032 from 1.0515 at 1.1441. However, firm break of 1.0830 will confirm short term bottoming and bring deeper decline to 1.0711 support instead.

In the bigger picture, rise from 0.9534 (2022 low) is in progress for 61.8% retracement of 1.2348 (2021 high) to 0.9534 at 1.1273. Sustained break there will solidify the case of bullish trend reversal and target 1.2348 resistance next (2021 high). This will now remain the favored case as long as 1.0515 support holds, even in case of deeper pull back.

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